27/02/2024 (The Edge Malaysia), Jakarta - Indonesia's palm oil exports in 2023 dropped by 2.7% on a yearly basis to 32.2 million metric tonnes from 33.1 million tonnes shipped in 2022, the Indonesia Palm Oil Association (Gapki) said on Tuesday.

"Palm oil export revenue declined in 2023 because exports volume dropped and average commodity price was lower than 2022," Gapki chairman Eddy Martono told an industry event.

Eddy said in 2023, palm oil use for biodiesel feedstock surpassed food consumption.

Data from Indonesia's energy ministry showed biodiesel consumption in 2023 stood at 12.2 million kilolitres, and this year is expected to rise to 12.5-13 million kilolitres.

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